the rally from 158 to 220 the other day "kind of" made sense, since that crossed two major points, but I couldn't imagine us getting to 298 (our .618) without us getting some fight from 260.65 (our .5). With that being said, I'm keeping a close look at our nested levels, and see problems around 248 and 258 as well, except those to be problematic. Since our daily is approaching overbought, i think we're getting ready to hit one of these levels by tomorrow, which conveniently lines up with the LCC fork coming up. My thoughts?
MPC made a good point, of which I'd like to reinforce- people have pumped up LTC with the hopes of getting some free LCC once it forks off, scam or not. If people are to artificially pump, what may we logically expect to follow? That's right, a dump. While I could certainly see a bounce all the way down to 176 being gratuitous from around the 250-260 range, haven't we seen far crazier things? The reality is that this rally up isn't sustainable from what I'm seeing, and the fact that we've yet to hit overbought just yet makes me think we're on our way to just one more squeeze up within the next day, which would very conveniently bring us around 250.
Am I saying to sell at that point? I don't want to tell you that, because it could continue to go up, of course. None of us truly have the answers. What I do see, however, observing sentiment/fundamentals, is that we pumped this cat up so that it could be dragged back down, bought back for cheap, used to gather some nice free LCC , then sold off. With that, I think that two dips may even ensue. I thought people were insane for saying we could approach 135, but at this point, is it entirely unrealistic? Maybe, but maybe not. Keep your wits about you this weekend, people, things are gonna go crazy.